Road to debt free life

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Hi all.

Here I am - 41yo in the middle of my debt free journey. 

Highest debt 19500£ Jan 2020. ( 1 loan and 2CC) Acquired mainly as consequence of number of IVF treatments and few holidays in between and no proper budgeting. 

Income is high and secure. Pension sorted.  

Managed to get loan down to 8015£ as of 08/2020

Loan 424£/m Until 07/2021
Both cards on 0% APR will pay them off in the next few month. 

Now when budget is sorted everything planned for I still got money in my account at the end of the month and already got 800£ in emergency fund. Looking forward to pay day so I can pay more of the debt off and it feels so good. :) 

Just need to keep up! 



 

Debt free!!!! 27/11/2020
Largest Debt 19000£ 03/2020

Savings 259£
Saving goal  25000£ by 
31/12/2021
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Comments

  • mark55man
    mark55man Posts: 7,936 Forumite
    Name Dropper First Post First Anniversary
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    Hi there.  Just dropping in to say well done.  Sounds like you are making great progress.  

    Just remember to remember the lessons of debt busting apply equally to building up savings when you are our of debt.

    Will be good to watch someone get in and out of debt in fast forward :smiley:
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • mamamu
    mamamu Posts: 57 Forumite
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    Another pay day :)

    Now payday means my debt gets smaller.

    As of today my debt is 6558£
    and my emergency fund is 1100£.

    So looking forward to next payday  already  :D



    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • ceremony
    ceremony Posts: 241 Forumite
    First Anniversary First Post Name Dropper
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    It looks like you're in a good position and you're tackling things nice and early. Well done! Once those debts are paid off you'll be able to build up a nice emergency fund really quickly.
    Start Debt Jun 2020 = £10,036 - Current £5,894 | #324 £1,000 Emergency Fund Member - £205
  • mamamu
    mamamu Posts: 57 Forumite
    Name Dropper First Post
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    Thank you for encouragement Mark55 and Ceremony.

    Aim is to get debt free and then save nearly same amount as repaying debt now. Will allow some budget for holidays when debts are sorted. But other then that it will go to savings. I am very determined. :)

    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • mamamu
    Options
    Pay day tomorrow. I am itching to pay more of my debt 😂

    Few years ago payday was like christmas and I am not proud of it at all.

    Now I have got budget sorted and it works lovely with Monzo account for food and dog food. 
    Starling for spending money ( fuel, fun, hairdressers, parking and whatever else we fancy) Starling pots for sinking funds for everything I could think accounted for. High street bank account for DD and ISA for saving EF.

    Tomorrow is going to be first day I ever pay my car insurance yearly and I have got money sitting there nicely waiting for it. Feel very good about it.

    I feel in control!!! This such a good feeling. Also have already cancelled DD for both of my CC. One I am going to pay in full and cancel it. Second one is going to be paid on the next pat day. I will keep it for big purchases for protection but will only use it if I can pay for that purchase in full from my savings. 
    Then it will be only loan under 3500£ left to pay off which is fixed amount and I will
    pay it off and will throw money in to savings. 

    By Christmas my savings account should be larger then debt!! Yey! 





    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • mamamu
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    Also zero pound budgeting works wonders for me. I am also control freak :) it feels so good to be in control. 

    No bank ever will get a penny from me lol. Except mortgage of course,  but this will be paid asap when it comes to it. 



    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • alt80
    alt80 Posts: 4,276 Forumite
    First Anniversary First Post Name Dropper
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    Sounds like you're doing really well - definitely a good feeling being in more control. 
  • mamamu
    mamamu Posts: 57 Forumite
    Name Dropper First Post
    edited 28 September 2020 at 8:46AM
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    alt80 said:
    Sounds like you're doing really well - definitely a good feeling being in more control. 
    Thanks alt80,

    I wish my light bulb moment would have been earlier in life. 
    I have waisted so much money it is disgusting. 

    I sometimes think, how come I was so stupid to steal from myself and my family and give it to banks...  


    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • mamamu
    mamamu Posts: 57 Forumite
    Name Dropper First Post
    edited 28 September 2020 at 8:45AM
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    Payday update!!!!
     
    Debt is under 5k mark!!!!


    Debt reduced by 1500£ to 4883£
    Savings increased by 150£ to 1300£
    Car insurance paid for a year!!! 
    Sinking fund  355£.

    One more credit card paid!!! 
    One more to go and then just pay of the loan bit by bit. 

    All money transfers done money got jobs to do and my current acount is left with +30£ after all DD paid. Not zero pound budgetting anymore - ha ha. 
    6 month ago I was always in overdraft by 15th of each month...

    Feels so good. 

    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • mamamu
    mamamu Posts: 57 Forumite
    Name Dropper First Post
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    This month is going very slowly. 

    Doing well so far. Managed to put another100£ to savings. 

    Changed energy supplier and awaiting final bill from the old one and some money to go back to my bank.

    Budget is working well. Used some Xmas sinking fund and bought Lego advent calendar. 
    Started to use Topcashback and Quidco. 

    Just need to get past these few quiet month and after xmas savings will start increase more substantially then now. 

    Dreaming about holidays haven’t had any leave for 10month... getting tired   



    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
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